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00:00 Josh
Let’s get to Yahoo Finance’s Allie Canal for more on the trading day takeaways. Allie.
00:04 Allie Canal
Yeah, Josh, well, that was certainly my number one takeaway. Records, records, records and it just feels like the market has a lot of momentum right now, especially after the Fed delivered its first interest rate cut of 2025. And what’s interesting is that even heading into the meeting, we saw a lot of bullish optimism already on the street. We saw price target raises from Wells Fargo, Deutsche Bank, Barkley’s among others and they cited the expected Fed easing. They also cited resilient earnings momentum, the fact that we have AI boosting a lot of this market and I think the moves we saw with Nvidia, Intel was very evident in that. And then there was interesting data from Truist strategist Keith Lerner. He’s a frequent uh guest on Yahoo Finance and he talked about how going back to the 1980s, whenever the Fed cuts when the S&P is at records, 12 months later, the S&P is higher. So it seems like history is really on the side of markets there. However, at the same time, the path likely will not be linear when it comes to more record highs. And part of the reason for that is that right now, the S&P looks fairly valued to some strategists out there. We are trading just above 6600. A city strategist Scott Croner, he has a year end target of 6600. So at this point, he doesn’t see the risk reward fully balanced out there and that has been quite a bit of commentary that I’ve been reading. Also, there might be some exhaustion in the tech heavy index, uh the Nasdaq, the uh Nasdaq 100 as well. You were seeing uh how aggressive that runup has been up over 16% since the start of the year. And Evercore ISI, Julian Emanuel, he’s very bullish on tech over the long run, the AI revolution, but he says when it comes to volatility, there’s nowhere to go but up here for a lot of these names. So just something to look out for as we continue to look for more record highs.
02:12 Josh
Should we end here on crypto?
02:13 Allie Canal
Let’s end it on crypto, baby. I mean, crypto just continues to gain steam here and there’s a few reasons why. Obviously, we know that this administration has been very crypto-friendly, but rate cuts also helped that story when we talk about the risk on picture. We’ve seen a consolidation of around $115,000 a coin when we look specifically at Bitcoin, but we finally been able to break above that. And uh again, the catalyst there being the Fed and 120, that’s been a level that we’ve struggled to really hit and be sustainable. But we certainly are on a good path forward. We also saw that the SEC streamlined some regulations when it comes to crypto exchanges. So yet another tailwind for Bitcoin, for Ether, for a lot of these alt coins as well. So it it feels like uh we might be finally getting into a crypto bull run and we can have sustained uh upward momentum here and maybe hit some more record highs.
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